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Us 17, Europe 6, Apple 6, S&p 5, London 5, Mastercard 5, Samsung 4, Officemax 3, United States 3, Humana 3, U.s. 3, Ashley Webster 2, Chris Burch 2, Obama 2, Mario Draghi 2, Amazon 2, Lou 2, Nokia 2, Micron 2, Massmutual 2,
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  FOX Business    FOX Business After the Bell    News/Business. Stock  
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    September 6, 2012
    4:00 - 5:00pm EDT  

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decided today as the day they would take a gamelan casinos. tire sector is being a pop here. >> casino stocks seem to jump but we are at multi-year highs. and the s&p 500 with 52 week highs. liz: let's close the book on this right now. the bells ringing on wall street. it is a huge rally bringing up to levels we haven't seen in years. looking at how stocks are finishing and the dow jones industrials charging again by 242 points. the s&p up 42 percentage points and now above 1430 and the nasdaq, gigantic move, 66 points. dave: back to 2007, these are very big gains. they are across the board. it wasn't so long ago some of these companies were trading at
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20% below what they are trading at now couple months ago. huge gains in a short period of time. we have a busy hour covering all these market jumps today and the money managers to tell you what it means for your investments. liz: is returned to the gold standard a real option? the author of true gold standards will join us and why the idea is going mainstream. dave: we will tell you what drove the markets. stocks surged as european central bank announced a new bond buying program and signs of improvement in our u.s. labor market. the s&p jumping to the highest level in four years and the dow closing since december of 2007. of all ten s and p sectors ended higher and some much higher led by materials. bonds taking a hit as stocks go up and bond go down as investors
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jumped into equities and the treasury yield rising eight basis points and the volatility index we talked about yesterday tumbling today. the fear index falling 11%. this is the biggest one day decline for the vix since june 29th. liz: a lot of it started in europe so let's get to ashley webster. we also have allen at the cme watching all the trading action and drew bringing in buying opportunities he believes will help you get in on the next wall street rally but first ashley in frankfurt. ashley: mario draghi, head of the pcb just of the bazooecb ju announcing unlimited bond purchases to bring down
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borrowing costs in spain and italy. critics say that the pcb does not have the legal mandate to make such a move. they're also concerned there will be inflationary problems. >> expansion remains subdued. inflation expectations for the economy continue to be firmly anchored in line with our aim of taking inflation rates below but close to 2%. economic growth is expected to remain weak. with ongoing intentions in financial markets and heightened uncertainty weighing on confidence and sentiment. ashley: the imf and france already welcoming the move from the ec but the usual flow,
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basically saying this is certainly illegal. he says that the pcb is printing money to prop up government and he said that is not something that the ec is allowed to do but they are pushing ahead and mario draghi was very pointed when he said we are just part of this deal. they rose with the euro zone political leader to put in the necessary fiscal reforms to get their budgets under control and of course we know the bond purchasing program does not solve the euro zone debt crisis. could be a long haul before that is accomplished. liz: ashley webster. are markets did beautifully. dave: the ecb bond buying plan and better than expected economic data fuelled a market rally today. some people say it might have been shortcoming in there. will this last? liz: drew has money in the game.
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one stock-option sheet trading adviser. a beautiful day today and a lot of people say don't buy on a day like this because you will be buying at higher levels. is there a follow-through? >> we will get follow through tomorrow on the jobs report. that will be a big number domestically and it will set the course for central-bank action here. all we are talking about is central-bank action in europe and spilling over here and you'll get a jobs report tomorrow on unemployment and that will set the stage for what the federal reserve will do going forward. if they get a number that they react, that the fed will continue to ease and you will get the third round of easing then you will get some follow through. if it says they will be waiting or a number that may tell them things are getting worse than they expected, get a sell-off tomorrow. dave: sorry to cut you off but
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we have breaking news from robert. robert: del announcing their first dividend. they will pay a quarterly cash dividend of $0.08 per share, $0.32 a year putting it at 3%. you see shares moving higher after hours and dell underperforming in a huge market rally. shares were of a few pennies in today's session and we should compare this to h p with a 3% dividend. apple still makes the mac. back to you. liz: the annual high with $18 and change. let's get to alan looking at all of that. don't know if you comment on the dell news but when the company says it is time to initiated dividend their -- through the past year and a half. >> they try to participate on value when the stock that pays out a little bit. in the pits, everyone with any
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common sense has gone out of their shorts. are to be short in this environment and stubborn finally shook everybody out today. we saw in the s&p over the last couple weeks we held a $13.95 and did it again a couple days ago. made a higher low so after that we saw an explosion overnight. the market was positive before the ecb said it was not going to do anything as far as rates go but there was no selling going on at these levels. [talking over each other] dave: specifically are you saying this market -- what percentage of the market rally? >> don't know if there is anybody left to continue to fight. rule number one is don't fight the fed. you got to fight the european banking system and they will do what they can to support the market and with interest rates at these levels they are
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profiting because the interest they pay and the money they are given is essentially zero. dave: let's get off of central banks. back to the jobs number which is coming out tomorrow. 125,000 is what is expected. if it is in line with expectations give or take 5,000 jobs if it is in line what does that mean for central-bank? what does the market predict the central bank will do with in-line projections tomorrow? >> real growth is from a number much closer to 200,000. when you think about new entrants into the marketplace if you are really talking about expanding job market or economy were talking a number that is that high. i am a fed governor i am probably wanting to see a number getting close to 200,000. not where consensus sees it. two different things. the market may look at number below that and it is hard to predict because the markets say if it is really bad that will jump in and do something.
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i think the fed will do something this year no matter what. you would be fighting of a fed and the market action is the shortcoming that you are seeing and the fed is forcing your hand because what the you get in a money-market fund? zero after inflation. less than that. liz: i will ask you to do something difficult but in advance of knowing what the job numbers and what the fed will do that at some picks. where not knowing the outcome of those two major issues would you be putting your money if given a list of four options? >> investors should be all for a diversified. gold is still an option since it was here when you have central-bank intervention like this, it will move the trade and you want to be gold and precious metals and you want to look at your commodity position. you want to be positioned -- we like the dividend payers. i know everybody talks about dividend payers but that is
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whe the value is and finally may be surprisingly you are seeing good prices in emerging-market than the developed international markets. that is a good place to be putting your money right now. stuart: great to see you. thanks for coming in. we will be with you in a couple minutes to see how the s&p futures close out. thanks. liz: we are just hours away from president obama's speech at the democratic national convention. we will take you to charlotte to speak to one of the business leaders supporting the president. he will talk about why. dave: not every investor loved it when central-bank print more money. a legendary investor says a return to the gold standard is better for the economy long term. lou lerman was on a gold convention once and may be on one in the future. >> amazon unveiling the new kindle fires floral. one has a eight week battery
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dave: shares of sen disk and micron getting a boost. liz: back to the floor of the stock exchange. a lot of semiconductor companies doing well. sandra: and interesting topic. all about supply and demand. there was a glut of ships. so many ships because the i can and iphone and so many ships but then they cut production and guess what? they need to make more chips because one of the company's says we are starting to see a shortage of some components. they dropped 20% and names like micron get a big jump on the ibm and chips are back in fashion so now they are going -- where we stand with the chipmaker.
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a great day for them. >> as in the futures closing in 20 seconds. >> everything looks great. we are seeing people closing off profits. holding up strong. and the next surge, next market stimulus can come -- all that saved the money will go back into the stock market. dave: that could change, thank you very much. liz: president obama making his case to the nation for his reelection tonight. dave: peter barnes is at the convention, he is with one business leader who supports the
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president. >> austin megan is co-founder and retired ceo, he spoke last night as a ceo and business leader. first of all this debate about are we better off or not four years later, where d come down? >> actually we are clearly better off because if you remember nobody likes to remember this because it is frightening. january of 2009 the economy wasn't stable at hit bottom and we are in freefall. we had lost 7,000 to 8,000 jobs a month. the auto industry was about to go over the cliff and people were terrified. stopping that was the first improvement and the fact that people can go to sleep tonight things might not have gotten as better as we want them to but they're much better than january of 2009. we just don't like to remember
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that. >> a lot of criticism of mitt romney including from a former employee who was fired from a company taken over by bain capital. mitt romney as a business person did not have a moral compass. do you agree? >> that is a hard thing to say because i know as an individual mitt romney has a compass. a lot of friends -- i know the background he comes from. i also know private equities do pretty tough things sometimes and businesses, publicly traded companies. >> private equity is a euphemism. they take equity out and put that in and raises the risk. i wouldn't accuse him of having no moral compass but there may be times he makes choices others of us wouldn't make with other people's lives.
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>> would you want to hear from president obama tonight in his except in speech? >> he has to follow michele and bill clinton and he has a tough time but i know he is a bright guy and has been thinking about that. what i would like to hear is more about what is he going to do in the next four years to help us get our momentum back particularly given head winds from outside the u.s.. a lot of americans don't realize every time we get a leg up the euro zone falls into crisis and we have a tsunami and china slows down and the question is is there anything of a president can tell us that will give us more confidence that we are going to continue to improve and increase that case. >> you are a registered democrat or republican? independent? >> i am an independent. lisa rakowski is one of my politicians. i like the people in the middle. that is where i sit and where most americans searched. >> thanks for joining us.
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dave: always the swing vote. liz: quoting a person, not a party. dave: interesting data car guy would be for the president. bold and the markets popped with news about more money printing by central banks but with the economy doing better without central-bank? maybe it replaced them with a gold standard. lou make a new gold commission part of the gop party platform. liz: amazon unveiling not one but two knew kindle fire devices featuring an hp screen super sharp what they're calling the fastest wi-fi and the market has apple met its match? maybe some other companies are worried too. a top analysts ways in.
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liz: david and i both have kindled fire is. now we have to get the new one. dave: not so sure. fox business's adam shapiro joining us from santa monica with a running monologue about what they were coming out with. what are the headlines? >> will people buy it? absolutely. when you look at the different android based gadgets that introduced, people want to buy service, not gadgets. the gadgets the are getting from kendall, the eight inch display kindle fire, all of these
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devices, with more technology, still priced in a point below the competitors in order to get you not only to buy the device but mostly the service amazon offers. let's talk about a rolls royce amazon is offering. that is the kindle fire 8.9 inch display thirty-two gigabyte memory with all kinds of speeded up technology to avoid the buffering delays 70 tablets face when they can't connect wi-fi. that will cause $499. less than the 750 would pay for something comparable. not similar but comparable. apple is coming out with their ipad in october. that is the top of the wine. bottom line $199 gets you aquino fire hd 16 gigabytes of memory. $69 all the way to $179 with the new paperweight technology and 3 gee connection.
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liz: i am selling holiday gifts like you cannot believe. >> shipping september and october. nokia announcing a phone you can't buy. these you can start buying september 14th. dave: thank you very much. will these new devices help amazon become more competitive against other producers? liz: james mcleavey of forrester joining us with his take on the new product. your thoughts on the brand new kindled fire each the, long life battery and bells and whistles? do you love it? >> love it. the right move for amazon. they have taken their service oriented business and said we also want to make an amazing piece of hardware to go with it. it sums up all the round. dave: chapel be concerned? according to them their top of the line does everything the ipod does and is $200 cheaper.
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>> apple is so far ahead. they have $90 million at this point of the ipad. not like apple needs to be trembling but they will be watching closely because they are facing price competition they never had to face before and it will bother them even though they will pretended doesn't. dave: should samsung be concerned? >> they will be no. 3. this is different and puts the fear in to microsoft which is getting ready to announce its hybrid tablet laptops and that one coming at too high of price and people scratch their heads and say apple or amazon. >> what about the legal decision against samsung? the samsung galaxy does when the smaller ipad is going to do and put a fear into all the
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devicemaker is trying to compete with apple? does that cast any all over these makers? >> everyone of these devicemakers is examining potential infringement closely because they don't want the legal hassle and don't want the reputation tarnished that you get when everyone says you are a copycat of apple even though apple is one of the best companies in the world and you should copy when you can legally but apple is looking at this as is everybody because they don't want to get fooled into that and they will try to direct the focus elsewhere. look at this new thing. you can play this game and order the plush toy and get the same experience. that is what amazon is trying to say to direct your from that concern. liz: the house is overtaken by them. getting to what we had, we don't want to waste money on people buying product. we want to make money when they
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use it. obviously repeat money coming in would be a constant. does that accomplish from what you have seen with this brand new kindled fire his hope and dream? >> they already have that and do such a good job converting regular kindle and kindle fire users into repeat purchasers and users of services. they are saying something like if today's kindle fire get someone more engaged and before the new kindle fire will get people four times as engaged and they're adding a up same x number of dollars per month. i think it will work. liz: the headline is james is saying amazon will jump over leapfrogged over samsung and become second behind apple. dave: the good news is more products mean more options for consumers and more price pressures on apple. thank you very much. good to see you.
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liz: why. thinks the return to the gold standard connection only help the economy improved but will it win mainstream support? dave: atlantic city taking new action to increase its gambling revenue. the new methods that surprise you and don't forget to log onto facebook.com/"after the bell" and click the like button. this time give us an idea whether you think a return to the gold standard is a good or bad idea.
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liz: time for a quick speed read. time for the day's other headlines. do i need to look at this. david leads 1-0. five stories one minute. tivo unveiling tivo stream for mobile devices t allows digital video customers to instantly stream shows or watch recordings on their mobile devices. microsoft plans to hire more than 1,000 workers in china over the next year and
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boost research and development spending by 15%. new employees expected to work in r&d, marketing and customer service departments. disney building a baby brand opening first retail store in california. targeting customers under two years old. nokia slashing price of its older smartphones after launching two new lumia models. the price of the mid-range lumia 800 was reportedly cut by 15%. casinos in atlantic city is placing a bet on outdoor gambling. golden nugget is first to offer customers gambling at outdoor pools, bars and shopping arenas. that is today's speed read with time to spare. [buzzer] david: look at that. way to go. liz: finally. david: all right. gold getting another boost today by news that central banks here and in europe are closer to printing more money to buy more debt. that news may have boosted gold in the markets in the
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short term. our next guest says it could be devastating for our economy in the long term. it can only be stopped by returning to a gold standard. the chairman of the larry man institute and the former partner at morgan stanley. also mentioned as possibly a commissioner in this gop gold commission if romney becomes president. have you heard anything about that? >> what we read in the "wall street journal." i think it was seth drew attention to the fact that the republican platform is calling for a new gold commission, patterned on the reagan gold commission of 1981. david: which you were a part of. they at end of the day decided it wasn't a good idea to do back to the gold standard, right? >> one has to look at composition of committee. there were 22 named. controlled substantially by the secretary of treasury don reagan and anna schwartz, who of course were both opposed to the gold standard. the, irony was president
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reagan himself was very sympathetic to the gold standard. indeed he made a 10 second spot during his campaign for the presidency endorsing going forward, david, not returning, going forward to a modernized gold standard. david: but if we went to a gold standard it would be absolutely the reverse of what we have now which are central banks around the world including the federal reserve pumping up or trying to pump up the economy by printing more cash. it would put an end to that. would it put a pal over our markets which seem to like the money printing? >> there is old phrase that preveeds seeds the -- precedes the fed and don't fight the fed. money makes the mayor go. that was old saw. federal reserve was established in the 1913. one key person was gold democrat, carter glass, the great legislator from virginia. the design of the federal reserve system was to support the gold standard.
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and that is in fact what was the case from the very, very beginning. so the founding of the federal reserve system was qoins dent with the gold -- coincident with the gold standard and was only meant to create a slightly more lasting currency. david: since this recent financial crisis began back in 2008, the federal reserve has gone on a money printing spree here in the united states, printing anywhere from 2.4 trillion to $2.7 trillion in order to buy up bonds, including a lot of government debt directly. they say, hey look, so far we don't have inflation so there is no harm in it. to what you say? >> 2% inflation as opposed to a greater level of inflation, there is such a panic in europe that everybody was racing out of the europe into the dollar. holding dollars the fed created instead of spending them same in the united states. because of the economic situation in the united states, many people are using dollars they receive,
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indeed some printed by the fed to repay debt inset of consume. the whole idea we're not cooking inflation in the oven in the long run is a false idea. the key to the gold standard and going forward to a modernized gold standard it is a prescription for long-term economic growth. under the gold standard the american economy grew at 4% compounded annually, from the birth of the republic practically up until 1971. whereas the economy under the federal reserve's quantitative easing in the last decade has been growing at 1.7%. you don't have to be a rocket scientist to choose between the, a stable dollar, a stable general price level, and economic growth enagained by -- engender by confidence in the future. david: how would a shift to the gold standard affect price of gold? would you freeze gold at at
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current price? >> the president would announce we're going to the gold standard. there would be a two, three, perhaps four years transition. everybody would organize their affairs, not by much but to the margin that the dollar would not be a political football in the hand of the federal reserves program. that would be transition. congress alone given power by the constitution to coin money and regulate the value thereof and states are prohibited making anything but gold and silver a legal tender. congress would then stipulate in law, statutory value of the dollar. and the dollar would be as good as gold once again. david: there is a lot more to talk about this subject. and if there is a president romney you will hear a lot more from this man who will be on the gold commission. good to see you, lou. >> thank you. david: lou lair man. from the gold commission. >> we'll hold onto gold coins. a world without cash, forget
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gold. mastercard says it is the future. their technology could help us get there. a thomaster card executive makes his pitch for all plastic next. plus taking on the big guys. designer chris burch launching a new office product line. hoping to take a bite out of this multibillion-dollar office products industry. the ceo of pop pin, how he will do it in a first on fox interview. ♪ i know the name of eight princesses. i'm an expert on softball. and tea parties. i'll have more awkward conversations than i'm equipped for because i'm raising two girls on my own. i'll worry about the economy more than a few times before they're grown. but it's for them, so i've found a way. who matters most to you says the most about you. massmutual is owned by our policyholders so they matter most to us. massmutual. we'll help you get there.
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>> i'm robert gray with your fox business brief. news from across the pond sparked a huge rally here in the u.s. wall street cheered the european central bank's effort to help ease concerns over the bank's debt crisis. signs of improvement in the u.s. labor market ahead after big government jobs report out on friday. after the bell dell
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announced the first dividend in that country's history. shareholders are paid 8 cents a share each quarter. electronic arts scored a touchdown with hits new madden nfl 13 videogame. the it continues to set sales for fan engagement in the first seven days on the market. follows the announcement that nfl 13 set a new one day record on hd consoles as well. that's the latest from the fox business network, giving you the power to prosper.
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david: we were just talking about gold. what about a world without cash? it sounds like a long shot but maybe not if mastercard has its way. liz: no more figuring in your wallet for change and dollars. joining us gary flood, mastercard worldwide global products and solutions president. you guys have this belief and feel of a cashless
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society at some point. all plastic, all the time. how are we going to get there? >> i think there is it a wonderful evolution taking place and it's all around efficiency making it easy for buyers and sellers to connect. one of the ways you do that by making things more electronic. talk to different economies around the world, talk to merchants, listen to consumers they want to do things easier. want a faster more efficient way to make purchases and collect fund. electronics is a way to get there. david: involves a degree of trust. you have 80% of transactions worldwide in cash? >> 85% are in cash. david: 85%. part of the reason for that a lot of people, frankly even in this country, particularly in smaller countries don't trust the banks and don't trust the government. they trust cash. that is about it. how do you get over the trust issue. >> you do it over time. anything you do to converting huge amounts of cash to electronic has to be a team effort. it is governments, it is merchants, it is banks. it is the whole group
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getting together to make sure consumer experience and the merchant experience is great. liz: on screen, all types of mobile wallet companies you guys do well along with square and other names. you have your pay pass. you talk about electronics and the telephone company. you have just struck a deal in myanmar. so, that's an emerging market. how do you get an infrastructure up and running? we were just in london for the olympics. and every time we used our credit cards to pay for something we had to sit there anywhere six to 10 minutes. we started timing it at this point while the process went through. not like here in new york and united states where it is instantaneous. >> i'm surprised you had the experience in london. liz: many times. >> when you think about technology and different types of phones developing and devices developing those are all about making the experience easy, seamless, frictionless. in myanmar, think about it, that government transition is opening up wonderful opportunity. i think there are 60 million people in the country. think about traveling to the country to take cash with you to pay for a hotel.
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so our structure, our network processes transactions in 140 mill seconds. you probably should have use ad mastercard in london. i'll sure it would have been a little quicker. i think we have enough history and enough understanding, we view ourselves as a strong technology company that can enable that connection. david: regulations, we saw how dodd-frank will waf affect through the durbin amendment credit cards. are you worried about regulations keeping that process, slowing down the process of going cashless? >> you know we're actually encouraged. we work very closely with government and what's important that everybody understands the end benefit. governments look for inclusive environments they're looking for transparency and efficiency. david: not all governments are looking for transparency. some are quite the opposite. >> they want their economies to grow, put it that way. if they're not looking for transparency and don't want their economies to grow we'll not necessarily be working with them. david: report. >> three party relationship that really has to focus on
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the end benefits. liz: gary flood, mastercard worldwide global products management working toward a global cashless society. good luck. we're looking at a company looking to take on office giant staples and officemax looking to fill a massive hole in the $300 million industry. the poppin ceo. he is joining us in a first on fox interview next. david: use foul language and get fined at least in one european city. we'll tell you what city is cashing in on cursing when we go "off the desk" ahead on aft about the he will -- "after the bell."
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liz: it is the classic tale of david versus goliath. we love that story, right?
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entrepreneur chris burch, behind tory burch and c wonder is launching a new supply line. hear is the guy who run it. it is called poppin. it will be online, you're trying to take on staples, officemax, office depot in heavily, heavily saturated market. how are you going to do this. >> sounds big, right? thanks for having me on. we saw a huge gap, design gap in the online office supply market space. no one was catering to women in particular. these are the most fashion conscious people. they're trend-setters and they're being largely ignored by the big box guys. so when my partner chris was envisioning how we could address this market i came at it from another angle. the let me take a look to see how big the market is. we saw a $300 billion market. the three big boys, staples, officemax, office depot made up the top 10 of online e-commerce companies.
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there was a big opportunity. liz: you say women. this is for kids and guys wouldn't mind a little color in the offices. look at these staplers. almost every product you guys have comes in a choice of 10 different colors. >> yes. liz: tell me about that. >> we started what we call the poppin palate. starts with 10 basic colors. same way you wan accessorize your home or accessorize your outfit we give folks tools to accessorize the places they work. whether a student, male, female, heading off to the university of tennessee, perhaps you want to outfit your desk with orange and white. liz: i get it. >> maybe started at sweet 'n low and want a pink stapler on your desk. a lot of choices to really express yourself. that is what the brand is about, personal expression in the workplace. liz: talk about companies already on board actually buying from you. chanel, pandora, they're buying office products from you. linkedin. there is theme here. fashion forward or very edgy, correct? >> fashion and tech. we were a small beta period
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for a few months. i was walking out of the office last night and calvin klein placed an order. as you mentioned we have fab and apple has been --. liz: want to show some of these two. you also do office furniture. among the things that you do, again in a palate of 10 colors is this office chair. this is far less expensive than some of the very fancy one that is are real expensive. but again, i think we picked the green one. they come in all different colors. >> exactly. not only far less expensive, much more functional we believe, but the most amazing thing is the anti-ikea. all the furniture we sell has no tools required. you buy a deck, snaps up in four seconds. 3-year-old could do this. market they go after, don't want to sit there with a little wrench and screw together their furniture. the furniture is done with customer in mind. somebody wants to pull it out of the box and go and not sit there with a little allen wrench. liz: we love the entrepreneural spirit.
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we love when the little guy comes in. we've been in the position coming in behind the big boys, taking them on. david versus goliath. thank you. >> you're the first person to call me little. liz: we have the ceo of poppin.com. check it out on the website. david, i think this one is perfect for you, this acid green? david: acid green any love new entrepreneurs. good stuff. there is only one number you have to watch tomorrow, a number that could affect both markets and the election. we'll tell you exactly what that is, coming next. i'm so glad you called. thank you. we're not in london, are we? no. why? apparently my debit card is. what? i know. don't worry, we have cancelled your old card. great. thank you. in addition to us monitoring your accounts for unusual activity, you could also set up free account alerts. okay.
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[ giggles ] [ male announcer ] with the people who matter most. i love you grandpa! i love you grandma! now you're a real fishman. [ male announcer ] humana. david: time to go off --, i couldn't believe this story. if you have a dirty mouth it could cost you a lot of money in europe. brussels, belgium, of all places, fining people 250 euros for using insulting language. what that is not spelled out. the brussels mayor says it encourages office for the offensive public behavior. liz: they would be leading me away. the number one thing to watch tomorrow, is jobs report. investors watch the number closely ahead of the crucial federal reserve meeting next week. if job growth continues to be anemic the fed may be forced to announce f

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